Singapore: Market for Prepared Dishes And Meals 2024

Market Size for Prepared Dishes And Meals in Singapore

In 2021, the Singaporean prepared dish and meal market decreased by -0.5% to $X, falling for the fourth consecutive year after three years of growth. Overall, consumption, however, saw a mild reduction. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Production of Prepared Dishes And Meals in Singapore

In value terms, prepared dish and meal production contracted to $X in 2021 estimated in export price. Overall, production posted a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 84% against the previous year. Prepared dish and meal production peaked at $X in 2020, and then dropped modestly in the following year.

Exports of Prepared Dishes And Meals

Exports from Singapore

In 2021, overseas shipments of prepared dishes and meals increased by 13% to X tons, rising for the fourth consecutive year after three years of decline. Overall, exports recorded resilient growth. The pace of growth appeared the most rapid in 2018 when exports increased by 56%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, prepared dish and meal exports expanded sharply to $X in 2021. In general, exports posted a significant increase. The growth pace was the most rapid in 2018 when exports increased by 215%. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in years to come.

Exports by Country

China (X tons), Japan (X tons) and Malaysia (X tons) were the main destinations of prepared dish and meal exports from Singapore, with a combined 39% share of total exports. The United States, the Philippines, Australia, Thailand, Vietnam, Indonesia, France, New Zealand, the UK and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 43%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +51.5%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for prepared dishes and meals exports from Singapore, comprising 58% of total exports. The second position in the ranking was held by Australia ($X), with a 7.1% share of total exports. It was followed by the Philippines, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +89.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+52.8% per year) and the Philippines (+34.7% per year).

Export Prices by Country

In 2021, the average prepared dish and meal export price amounted to $X per ton, dropping by -2% against the previous year. In general, the export price, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 102%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+54.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Prepared Dishes And Meals

Imports into Singapore

In 2021, purchases abroad of prepared dishes and meals increased by 17% to X tons, rising for the fourth consecutive year after three years of decline. In general, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 79%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, prepared dish and meal imports surged to $X in 2021. Over the period under review, imports recorded strong growth. The pace of growth was the most pronounced in 2018 when imports increased by 34%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest supplier of prepared dish and meal to Singapore, with a 58% share of total imports. Moreover, prepared dish and meal imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fourfold. The third position in this ranking was taken by China (X tons), with a 7% share.

From 2012 to 2021, the average annual growth rate of volume from Indonesia totaled +17.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+7.9% per year) and China (+3.9% per year).

In value terms, the largest prepared dish and meal suppliers to Singapore were Indonesia ($X), the United States ($X) and China ($X), together comprising 53% of total imports. These countries were followed by Malaysia, Taiwan (Chinese), the Netherlands, Thailand and South Korea, which together accounted for a further 22%.

Among the main suppliers, Taiwan (Chinese), with a CAGR of +15.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average prepared dish and meal import price stood at $X per ton in 2021, remaining relatively unchanged against the previous year. In general, the import price continues to indicate a mild downturn. The pace of growth appeared the most rapid in 2016 an increase of 28%. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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